Octopus Energy and Sterlite Power join forces to decarbonise India

Sterlite Power and Octopus Energy have signed a deal to help India's industry decarbonise and bring green power to consumers around the world at a lower cost.

According to the statement, the two companies will explore several joint retail ventures as part of the Memorandum of Understanding (MoU) signed at COP26.

It is the first UK-India energy partnership since UK Prime Minister Boris Johnson and Indian Prime Minister Narendra Modi announced Green Grids at COP26 in November 2021.

Sterlite Power's transmission expertise will be put to use in the UK, to increase competition in the existing grid monopoly.

In India, Sterlite Power has been a proponent of allowing market forces to operate in the transmission sector, allowing the Indian power grid to become more competitive and cost-effective to operate. Since then, the industry has been able to operate power grids much more efficiently, resulting in cost savings of up to 40% when compared to traditional methods.

Sterlite Power and Octopus want to build renewable energy generation and storage assets in India and make renewable energy more affordable for large industrial and commercial users. Once the necessary regulations are in place, the companies hope to provide this low-cost green power to domestic consumers.

India is now the world's third-largest carbon emitter, producing over 2.6 billion tonnes of Carbon dioxide per year as its industrialisation continues. The projects that Octopus and Sterlite Power hope to develop will help reduce the country's reliance on coal and natural gas by drastically reducing carbon emissions and lowering consumer costs.

Octopus Energy Group's global expansion, which has seen it expand into 13 countries in just five years and may soon include the launch of a retail energy business in India, is highlighted by this agreement.

Since its launch in 2016, Octopus Energy Group has gained 3.1 million customers, making it the fastest-growing energy provider in the UK. Its success is based on Kraken, its proprietary energy technology platform, which provides operational efficiency and excellent customer service while driving a greener grid through the use of smart tariffs.

To help with its rapid expansion, the company recently received a $600 million injection from Generation Investment Management and another $300 million from Canadian Pension Plan Investments. Octopus is now worth more than $5 billion, surpassing the market capitalisation of many well-known energy companies.

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